Novi, MI offers a housing market that is highly desirable. With a median value of $417,500, it is almost 20% higher than the US house median value. The appreciation rate for Novi's housing market in the last year has been 8.03%, which is slightly lower than the national average of 8.27%. This suggests that Novi continues to be an attractive option for potential homebuyers looking for stability and sustained value over time.
The median home cost in Novi is $417,500. Home appreciation the last 10 years has been 110.3%. Home Appreciation in Novi is up 11.4%.
Average Age of Homes
- The median age of Novi real estate is 27 years old
The Rental Market in Novi
- Renters make up 32.3% of the Novi population
- 2.4% of houses and apartments in Novi, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.